New Projects Continue to Emerge in Active Market
- Ten buildings were delivered in the 3rd Quarter, totaling just under 400,000 SF
- New construction remains the focus through 3rd Quarter as the market stays hot and larger tenants commit to new product in Midtown and CBD
- Notably Regions Bank signed a 10 year lease for 63,806 SF at 615 S. College Street in CBD and Chicago Bridge & Iron at 500 E. Morehead taking 63,120 SF in Midtown
- Southend/Midtown submarket continues to see <5% vacancy rates and was labeled the Nation's busiest submarkets in regards to development (*construction activity business across all product types)
Q3 2016 Charlotte Office Market Summary
The Charlotte office market continues to be dominated by new and proposed developments as rental rates keep pushing record levels and vacancy remains low. The CBD and Midtown submarkets saw strong activity in pre-leasing new projects during the 3rd Quarter as Regions Bank and CBI signed large long term leases. Overall sales activity stayed strong throughout the quarter as the market saw notable investment and rehab projects acquired in South Tryon Square, Gateway Center and the Cedar Hill Building. Look for high lease and sale activity to continue through the 4th Quarter as all signs point to strong market demand and fundamentals to remain steady.